Update
November 10 2006 - 2:00AM
UK Regulatory
RNS Number:8631L
BETonSPORTS PLC
09 November 2006
BETonSPORTS plc
Update
The Board of Directors of BETonSPORTS plc, the on-line gaming company announced
today that it has reached agreement with the United States District Court for
the Eastern District of Missouri on the form of a Permanent Injunction relating
to its US facing businesses. This replaces the Temporary Restraining Order (TRO)
issued on 17th July 2006 with which BETonSPORTS plc also complied by ceasing to
trade in the US.
While the Company has agreed to the Permanent Injunction, it is important to
note that this has been done without the Company admitting to or contesting any
of the allegations contained within the Complaint. The Company is an investment
holding company and has not itself undertaken any gaming activities. Furthermore
most of the alleged offences in the Complaint took place before the Company
started to trade in July 2004.
The Board has agreed to accept a Permanent Injunction:-
* on the basis of legal advice in the USA and the UK;
* as it is seen as a major step in the negotiation to settle the outstanding
criminal action against the Company;
* so that it can concentrate on trying to deliver some value for
shareholders from its continuing Asian operations.
The Company has, as a result of this order, stated:-
* That following on from its announcement of 11th August 2006 and having
complied with the TRO the Company it is completing the closure of its Costa
Rica and Antiguan operations;
* That its Antiguan subsidiary continues with its efforts to repay customers
although this remains dependant on collection of monies from processors and
other debtors;
* It will, as part of the Permanent Injunction, agree a plan with the DoJ
for its Antiguan subsidiary to pay customers based on money recovered.
As stated in our announcement on the disposal of Hooball today, BETonSPORTS plc
other Asian facing brands continue to trade normally and the Directors continue
to assess the options for the business.
Negotiations with the DoJ continue with the aim of eliminating the criminal
charges against the Company.
- Ends -
Citigate Dewe Rogerson
Ginny Pulbrook
+44 (0)20 7282 2945
Celtic Communications (USA)
Kevin Smith
+1 314.623.2734
kevin@celticom.net
This information is provided by RNS
The company news service from the London Stock Exchange
END
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